NZDUSD had been following a downtrend channel since July 14, 2023, but it shifted into a sideways market on August 11, 2023. It currently trades at 0.5935, with resistance established at 0.6020 and support at 0.5865.
The EURAUD currency pair is currently testing a key trendline resistance, with an attempt to break out. In the event of a successful breakout above 1.6600, we anticipate a potential upward movement towards the next resistance level at 1.6865. However, failure to breach the trendline resistance could result in the pair remaining within its established trend.
GBPAUD pair is engaged in an upward trend, with a current trading price of 1.8990. However, it is worth noting that this price has experienced a decline since reaching a high of 1.9970.
As we analyze the market, we anticipate that the price will continue to decrease until it reaches the trend support level of 1.8900.
#XAUUSD On September 1st, encountered a formidable resistance barrier at 1950 and subsequently began its descent toward the established support level at 1885. Interestingly, the downward trajectory was interrupted as gold found a reversal point around the 1900 mark. Currently, the precious metal is in the process of retesting the 1944 resistance level.
EU price decline below the support as we can clearly see there is A broken bearish rising wedge right at the bottom and that indicates a continuation of the prevailing downtrend after the breakout the price continued few -pips low and then bounced back to retest, but when we look at the bigger picture the price is currently at the support zone which means if we...
EURGBP currently encounters two resistance levels : one from the downtrend and another from a sideway pattern. We're closely monitoring this pair, and if it manages to break through both of these resistances, it could potentially make a strong upward move towards the next resistance levels at 0.8850, 0.8920, and 0.8950.
Moreover, if it respects these...
GBPJPY has been losing value since August 22nd to the present day, it still remains in a downtrend movement despite being falling for some time, the price currently formed a descending triangle at the support level - $183.40, which indicated the weakening of the bulls and as a continuation market pattern. After the breakout of the chart pattern formation, we can...
CADCHF has been consistently in a downtrend since January 2023. As of now, the price has reached its downtrend resistance level for the fourth time. The crucial question is whether it will once again respect this trendline resistance and proceed downward, if fails to overcome this resistance, it might continue to face selling pressure, possibly targeting levels...
EURAUD pair is being traded at 1.6520. It has recently experienced a decline from its previous high of 1.7060 and is expected to continue moving down until it reaches its up-trend support level.
If the pair is able to maintain its position at this level of support and displays respect for it, we will initiate a long position. As a result, the price is predicted...
The current trading rate for EURCAD stands at 1.4350.
This support level was initially established on 6 January 2023.
Subsequently, it was tested again on 10 February 2023, then once more on 8 June 2023.
Remarkably, the currency pair is now testing this support level for the fourth time. Our analysis suggests that EURCAD is likely to rebound and ascend once...
EURUSD Decline below 1,6650 twice with a double top formation which indicates a reversal in the market and a further decline is expected towards the support zone - 1.6479.
With reasonable risk take the short on EA and hold, further update until market opening - Monday
GOLD - Rising wedge which indicates more bearish signal, based on the previous setup on higher time frames the price have broken the support at 1923.88, althout, the current small rise can be seen as the retracement of the breakout occurred.
Above is a technical overview of the US30 and the key areas to keep an eye on. Dowjones broke an important support zone and retesting again. In case of a fake out then it could turns back into the trend, and may go to the 35000$ - 35300 range. The Second Scenario If it fails to re-enter into the trend, it will fall further to 34000.
The pair is trading along an sideways trend.
The downtrend may be expected to continue in case the market drops below support level 1.1000.
Alternative scenario: An uptrend will start as soon, as the pair rises above resistance level 1.1500, which will be followed by moving up to resistance level 1.2100.
The USDCAD presents three scenario.
Upon analyzing the Monthly Chart, we discern the formation of a triple top pattern at the significant level of 1.4100.
Moving to the Weekly Chart, we observe that the currency pair has already encountered resistance at 1.3700 and is currently retracing towards its support level at 1.3140.
Lastly, in the Daily Chart, a...